Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.
These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment.
According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
When buying bitcoins, one needs to consider finding reputable websites where one can buy bitcoins with cash, credit cards, or PayPal. Below are some well-known and reliable websites:
Coinbase: Founded in 2012, Coinbase is considered by many to be the most popular place to buy Bitcoin. The website has over 10 million customers worldwide who use the site to buy Bitcoin with either a credit/debit card or bank transfer.
In addition to Bitcoin, Coinbase also supports Ethereum, Litecoin, and other popular cryptocurrencies. The website is available in 32 countries worldwide including the United States, United Kingdom, Canada, Australia, and Singapore. .
CEXIO: CEXIO is another popular option when it comes to buying Bitcoin with either a credit/debit card or bank transfer. The website has been around since 2013 and currently supports 42 countries including the United States, United Kingdom, Canada, Australia, and Japan.
The website also allows users to buy other cryptocurrencies such as Ethereum, Litecoin, Ripple, and NEO with either a credit/debit card or bank transfer.
Coinmama: Coinmama is another website that allows users to buy Bitcoin with either a credit/debit card or bank transfer. The website has been around since 2013 and currently supports 188 countries including the United States, United Kingdom , Canada , Australia , and Singapore .
In addition to Bitcoin , Coinmama also allows users to buy Ethereum , Litecoin , Ripple , and other popular cryptocurrencies .
LocalBitcoins: LocalBitcoins is a peer-to-peer marketplace that allows users to buy & sell Bitcoins online with each other using various payment methods such as cash deposited into their bank account or PayPal account . The website has been around since 2012 and currently supports 249 countries including the United States , United Kingdom , Canada , Australia , and Singapore .
Bitcoin ATMs: Another way to buy Bitcoins is through Bitcoin ATMs (Automated Teller Machines). There are currently over 4500+ Bitcoin ATMs worldwide which allow users to buy Bitcoins with cash (in some cases even without any ID).
However , not all ATMs allow you to sell your Bitcoins so make sure you check before trying .
What’s the Safest Way to Buy Bitcoin?
The safest way to buy bitcoin is through a reputable website like Coinbase where you can use either your bank account or credit/debit card to purchase bitcoins. Other reputable websites like CEXIO and Coinmama also allow you purchase bitcoins using either your bank account or credit/debit card. You can also find many Bitcoin ATMs around the world where you can use cash (in some cases even without any ID)to purchase bitcoins however not all ATMs allow you sell your bitcoins so make sure you check before trying.